---
title: "MCA Notifies the New Development Bank as a Specified Financial Institution under the Companies Act"
date: 2026-07-24
author: "King Stubb & Kasiva"
url: https://ksandk.com/newsletter/new-development-bank-financial-institution-companies-act/
---

# MCA Notifies the New Development Bank as a Specified Financial Institution under the Companies Act

Posted On - 24 July, 2026 • By - King Stubb & Kasiva

The Ministry of Corporate Affairs (MCA) has notified the **New Development Bank (NDB)** as an institution under **Section 2(11)(ii) of the Companies Act, 2013** through Notification S.O. 3140(E) dated 16 June 2026.

## Background of the Notification

The notification recognises the NDB as the **multilateral development bank** established pursuant to the **Fortaleza Agreement dated 15 July 2014**, together with any subsequent amendments to that agreement.

The Fortaleza Agreement was signed among the BRICS nations:

- Brazil
- Russia
- India
- China
- South Africa

## Why It Matters

The inclusion of the NDB within the definition of a **specified financial institution** under the Companies Act aligns the statutory framework with India’s recognition of the BRICS multilateral lending institution.

The notification may have implications wherever the Companies Act refers to financial institutions for regulatory, financing or corporate governance purposes.

*Last Updated on 24 July, 2026*

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